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Discussion Paper
Are Income and Credit Scores Highly Correlated?
Beer, Rachael; Ionescu, Felicia; Li, Geng (2018-08-13)
To the best of our knowledge, statistical analysis on the relationship between income and credit scores using proper data remains scant. Using a unique proprietary data set, this note attempts to fill the gap in our understanding of this relationship.
FEDS Notes , Paper 2018-08-13-1

Discussion Paper
Who Drives Luxury Cars (Only for a While)?
Kurz, Christopher J.; Li, Geng (2015-06-01)
Household consumption of luxury goods has attracted increasing attention in various areas of finance and economics research.
FEDS Notes , Paper 2015-06-01

Working Paper
Borrowing from yourself: 401(k) loans and household balance sheets
Li, Geng; Smith, Paul A. (2008)
We examine 401(k) borrowing since 1992 and identify a puzzle: despite potential gains from borrowing against 401(k) assets instead of from other sources, most eligible households eschew 401(k) loans, including many who carry relatively expensive balances on credit cards and auto loans. We estimate that households with access to 401(k) loans could have saved about $3.3 billion in 2004--about $200 per household--by shifting debt to 401(k) loans. We find that liquidity constrained households are most likely to borrow against their accounts; however, the fastest growth has been among higher ...
Finance and Economics Discussion Series , Paper 2008-42

Working Paper
Credit Scores, Social Capital, and Stock Market Participation
Li, Geng; Bricker, Jesse (2017-02)
While a rapidly growing body of research underscores the influence of social capital on financial decisions and economic developments, objective data-based measurements of social capital are lacking. We introduce average credit scores as an indicator of a community's social capital and present evidence that this measure is consistent with, but richer and more robust than, those used in the existing literature, such as electoral participation, blood donations, and survey-based measures. Merging unique proprietary credit score data with two nationwide representative household surveys, we show ...
Finance and Economics Discussion Series , Paper 2017-008

Working Paper
Gamblers as personal finance activists
Li, Geng (2012)
Gambling behavior can serve as an informative indicator of important household heterogeneity that is difficult to observe directly in data. We present, to the best of our knowledge, the first comprehensive study of the consumption and personal finance of gamblers using a nationwide representative household survey. We find that consumers are more likely to gamble when income is higher than its normal level predicted by observable characteristics, and that nongambling expenditures tend to increase with gambling activities. In addition, gamblers are more likely to concurrently have various types ...
Finance and Economics Discussion Series , Paper 2012-18

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